Republican National Convention

Encinitas auto dealer Mark Wheeler worries that his business’ bottom line could quickly erode as high unemployment and a still anemic job market eat away at consumers’ ability to purchase new cars.

San Diego banker Michael Perry never received a dime of government money to bail out troubled banks, yet says he’s paying a heavy price in more costly insurance required to protect depositors’ funds.

Four years after winning the White House and promising to heal a deeply ailing economy, President Barack Obama has yet to significantly boost job growth, nor has he eliminated the fiscal and regulatory barriers companies need to both survive and thrive, believe local entrepreneurs like Wheeler and Perry.

As Republican delegates gather in Florida to nominate Mitt Romney for president, concerns about the economy remain top of mind and are increasingly guiding voters’ decisions on who they will choose to lead the country.

Republicans
60% (440)

Democrats
40% (290)

730 total votes.

In San Diego, worries about joblessness, government regulation, high taxes and mushrooming federal debt have persuaded some business owners and economists that the only route to a healthier economy is a Romney presidency.

“As a community bank, we do business with entrepreneurs, small businesses and professionals throughout San Diego County, and across the board, they are concerned about the lack of demand for their goods and services,” said Perry, president of San Diego Trust Bank. “And if there is no demand for goods or services, they have no need or desire to borrow money to invest in new equipment or build a new facility.

“Mr. Romney does not demonize business and success the way the current administration has. You would like to think he understands what it takes to run a business and how to succeed in a business environment more so than someone who comes primarily from an academic background like Mr. Obama.”

Throughout his campaign and on his website, Romney has advocated for lowering both individual and corporate income taxes, removing government regulations that he believes stifle business growth, and cutting the freewheeling government spending he says has led to unsupportable debt in the trillions of dollars.

What do you think?

Supporters of Obama, however, argue that the President’s plan for growing the economy and creating jobs will in fact succeed and not fuel increased debt, as some economists believe.

“Our debt is out of control, and each year it goes up by a trillion dollars,” counters Kelly Cunningham, an economist with the National University System Institute for Policy Research. “Eventually, banks will quit loaning you money, and we’ll become insolvent. One solution would be to raise taxes, which is a constraint for businesses who will have to pay off these horrendous debts.”

If Obama were to make good on his pledge to end expiring tax cuts for Americans making more than $250,000 a year, businesses like Encinitas Ford will clearly suffer, said Wheeler, owner of the dealership.

“If they keep raising the taxes, it will have an impact on my ability to continue to invest in my business,” he said. “It’s kind of a feeling like why am I working 14-, 16-hour days to give 50 percent of what I make to the government?”